Americans who have long enjoyed the benefits of historically low interest rates will have to adapt to a very different environment as the Federal Reserve embarks on a period of rate hikes to fight inflation.
Business
Local, state and national business news from the Kennebec Journal and Morning Sentinel.
Posted inBusiness, Nation & World
Fed hikes key interest rate to fight inflation, with more to come
The Fed’s quarter-point hike in its key rate, which it had pinned near zero since the pandemic recession struck two years ago, marks the start of its effort to curb the high inflation that has followed the recovery from the recession.
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Posted inBusiness, Politics
Sarah Bloom Raskin withdraws her nomination for Fed role
Opposition from Sen. Joe Manchin, D-WVa., made her confirmation impossible.
Posted inBusiness, Maine
Power bill tax relief: Lawmakers find no easy solutions to complex problem
The sponsor of a bill envisioning some form of tax relief acknowledges, ‘there’s no silver bullet’ to ease high energy costs.
Posted inBusiness, Maine
Maine drops CMP fraud probe after accuser withdraws suit and judge dismisses case
The state Public Utilities Commission has closed its summary investigation into potential rate impacts at Central Maine Power, citing a lack of evidence.
Posted inBusiness, Maine, Morning Sentinel, News
Skowhegan company sees surge in orders for Ukrainian flags
Maine Stitching Specialties is selling Ukrainian flags and donating 20% to an organization providing meals for displaced Ukrainians.
Posted inBusiness, Maine, News
Russian ship turned away from Maine port
The ship’s operator asked to dock in Eastport on March 3 after being turned away from a port on the St. Lawrence Seaway by the Canadian government.
Posted inBusiness, Nation & World, News
From beer to semiconductors, extended war will hit U.S. state economies
While the U.S. has limited trade ties with Russia and Ukraine, businesses from beer breweries in Missouri to semiconductor plants in California would see an impact.
Posted inBusiness, Nation & World, News
Virus cases climb in China, raising threat of trade disruption
Anti-virus controls have forced auto and electronics makers to shut factories in China and are raising risks of wider disruptions if the curbs spread to Chinese ports that are among the world’s busiest.
Posted inBusiness, Nation & World
Trial over approval of Boy Scouts bankruptcy begins
The reorganization plan calls for contributing up to $786 million in cash and property to a fund for claimants of child sexual abuse.